So you’re looking to get motorcycle insurance at a good price, right? Then you’ve come to the right place; finding bike insurance quote is easier than you ever thought. Perform a simple search for “motorcycle insurance compare” and you might be shocked at how incredibly easy it is to shop the different providers and rates.
The facts about insurance contracts
When you find a low quote that best suits your interests and needs, choose one wisely. This entails that, while a super-low rate might immediately entice you, you look over the contract to know exactly what it is that you are actually getting. Here are a couple of terms that are used widely in the insurance community and in applications/policies, but few people actually understand them:
- “Insurable interest”-is jargon that simply states “that if you have an accident, whether it’s through you fault or through a third party’s fault, that you cause a loss at the insurance company as well. It sounds blunt, but it’s a standard item in the insurance market that does not really affect you-unless you cause them to have to payout to someone else on your behalf, or they see you as an additional risk.
- The “indemnity” clause-this varies from provider to provider, but generally means “the installment of a fixed premium the provider will provide coverage to a vehicle up to a certain amount of risk”. Be on the lookout for that term-it’s not necessarily bad, but more-or-less legal mumbo-jumbo.
- Subrogation-Another widespread term among insurers, which basically means that you willingly give your insurance provider the authority/responsibility to provide you with legal representation in court if you are being sued as a result from an accident-involving your motorcycle in this case. This is typically optional, and it’s up to you and your personal needs whether or not to invest that power with your provider.
- Proximate clause-This simply means that your policy will cover 100% of the potential loss on your side.
How insurers collect data on you and use that to determine your premium
Digressing, however, understand how motorcycle insurance providers and motorcyclists relate to one another. While they, the insurance provider, want you as a customer and will attempt to give you the lowest premium, they also have to take into account how responsible you are and what kind of machine they are taking on in the following areas:
- Insurers typically check your basic identity information as well as your DMV driving record, your credit score (sometimes), your job status, and possibly your consumer reports (which, practically everyone has one on them).
- They look at the age, condition and mileage on the motorcycle. Obviously, a brand new lipstick red Ducati is going to cost you more; while a Honda or Suzuki that’s a few years older will cost less, generally speaking.
- Your age is often a huge factor. The older you are the better; individuals younger than 21 who want coverage on their bike are typically going to be shocked by the high-rates they receive-even if there is no negative driving history. Rather, if you fall in this category, you’re substantially a bigger risk to the insurer.
Nevertheless, you can find great motorcycle insurance quotes online. Go ahead and search for insurance quotes and comparisons. There are many websites that do practically all the work for you-you just give them your information and they query multiple insurers for the best price.
Whatever you do, though, make sure you and your motorcycle are insured for your safety, for the protection of your bike, and for the protection of you against any liability due to negligence. In most places, it’s not only highly-recommended but it’s the law.